AYM Holdings Group to invest in Cebu

CEBU CITY, Philippines - Recognized as a key tourist and business destination in the country, Cebu is identified by the AYM Holdings Group as the location for its numerous expansion efforts within the year. This was revealed Wednesday by Ambassador Alfredo Yao, president of the AYM Holdings company. Yao was in Cebu to speak before a group of start-up entrepreneurs and students for the “Meet the Business Legend" program of the Cebu Chamber of Commerce and Industry (CCCI), held at the City Sports Club. With AYM Holdings’ acquisition of Asian Spirit, Cebu is identified to become the airline’s hub for its direct flights to Korea and Macau. Acquired by Yao’s group more than a month ago, Asian Spirit will continue to become a niche market airline positioned to offer low-fare domestic flights, Yao said. At present, Asian Spirit is a dominant player in the Boracay and Caticlan routes. Re-fleeting AYM Holdings is allotting P45 billion for the re-fleeting and expansion program of the airline, Yao said. “(The company) will also continue to look for new routes," he added. On Wednesday, he also discussed with members of CCCI the possibility of opening routes to Bantayan and Camotes Islands in Cebu. Yao is also confident that his company will be able to come up with a 100 percent merger with Seair soon. “It’s just a matter of time," he told members of the Cebu media during a press conference. This is the first time Yao has ventured into the aviation industry. Yao, who is also chairman of Zest-O Corp., said he joined the airline industry since he considers tourism as the future economy of the country. President Arroyo recently appointed Yao as tourism ambassador. “We have a good potential in tourism," Yao said. Cebu plant Aside from expansions under the airline group, Zest-O Corp. will be putting up its ninth beverage plant in a company-owned property in Lilo-an, Cebu within the year. The beverage plant will generate new jobs for Cebuanos, Yao said. The Cebu beverage plant will supply the company’s clients in the Visayas. Zest-O maintains a warehouse and distribution center in Cebu. The Yao family-owned thrift bank Philippine Business Bank has also applied for the opening of 10 new branches outside Metro Manila, two of which will be in Cebu. The other branches will be in Iloilo, Bacolod, Davao and Cagayan de Oro. Yao, who is also into the hotel business, said that in the “natural course" of tourism, it is likely that he will also invest in a hotel in the Visayas. He did not specify, though, if the venture will be through an acquisition. All these investments indicate that the AYM Holdings group consider Cebu as an important factor in its growth, Yao said. With Cebu being a known test market for consumer products, Yao said any product that survives in the province will do well anywhere. - Sun.Star Cebu